Portuguese startup Spotlite secures €1.5 million for its space monitoring tech
Spacetech startup Spotlite has just secured €1.5 million in fresh funding. The Portuguese startup has developed an infrastructure monitoring system, using satellite imagery, that can give early detection of harmful events.
Developments in the spacetech vertical are giving us incredibly valuable insights here on earth. Through satellite imagery and technology, improved forecasts and insights into life on earth can be generated, giving us greater prediction capabilities and oversight. Portugal is picking up pace in the European space sector, with startups like Spotlite putting the nation on the map as an emerging spacetech hub.
Spotlite has announced the raise of a €1.5 million Seed round to supercharge its expansion and product development. Funding for the Coimbra-based company was led by Indico and EDP Ventures with participation from Portugal Ventures and Shilling.
Founded in 2017 by Ricardo Cabral and Martino Correia, Spotlite offers an infrastructure monitoring SaaS solution based on satellite imagery. The platform is able to provide risk analytics and recommendations, and, can allow for early detection of potentially harmful events – for example, ground and slope subsidence, vegetation encroachment, flooding or third-party interference.
The Coimbra-born startup started out in the transportation sector and has since expanded to use in mining sites, energy infrastructure and buildings.
This funding comes fresh on the back of Spotlite’s successful entry into the UK market, through a pilot with a highway concessionaire. Spotlite won a UK Tech Rocketship Award in Portugal and attended the London Tech Week, where it was one of the semi-finalists.
The startup is now also accredited by ANI (National Agency of Innovation) as an entity with professional competence for developing R&D activities. This new investment will be used to target further product development and commercial expansion. Spotlite aims to make key hires to further fuel its plans.
Success is not given, it is earned. Congratulations to the entire team at Spotlite on your funding. I wish you all the best in your future endeavours.Shishir Gupta, Founder and CEO, StartupLanes
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